Leasehold Improvement Exchanges & Taxation

We’ve covered numerous issues related to Section 1031 on our blog in the past. We’ve discussed state tax issues, the use of vacation homes, New York co-ops, reverse 1031 exchanges, all above and beyond the basic principles of 1031 transactions. As we’ve seen, Section 1031 can get a bit tricky when you consider all of the myriad rules and requirements which taxpayers have to be aware of. When you identify property, you have to obey certain rules; when you hold both your relinquished property and your replacement property, you are subject to specific standards; when you go to acquire replacement property, you are constrained by a rigid timeline, and so on and so forth. Navigating the rules and requirements of Section 1031 can be a daunting task and so taxpayers are always advised to consult with an experienced tax attorney to ensure a smooth transaction.  In this blog post, we’ll look at another aspect of Section 1031: …

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